I recently read “The Smart Investor” again. In addition to the investment ideas described in the book, I feel that the author’s rigorous investment logic is very prominent.
Every point of view and opinion put forward in the book will be logically deduced and demonstrated with comprehensive and accurate data, and there is absolutely no subjective speculation or imagination.
From this, I thought that in the actual investment process, we must also be rigorous, and we should not make decisions by taking our heads and taking it for granted. For each of your ideas, you must collect as many comprehensive and accurate data as possible, and carry out objective logical reasoning.
Don’t rely on your own assumptions to make major investment decisions. This is irresponsible for investment and irresponsible for the accumulation of wealth through hard work.
For example, the logic of “domestic substitution” cannot be considered that as long as domestic products and imported products are placed together, domestic substitution will occur naturally. To collect data on all aspects of the product, import substitution is possible only when domestic products have certain advantages in terms of quality and price. At the same time, data such as market share should be used to verify whether import substitution has occurred.
Only in this way can we ensure that our investment decisions can achieve the greatest probability of success.
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